Why Invitae Health Stock Plummeted This Week
These days, Invitae Corporation (NYSE: NVTA) just can't catch a break. On Tuesday, the company was slammed with yet another analyst downgrade, and as a result, its stock ended up falling by more than 13% over the week, data compiled by S&P Global Market Intelligence reveal.
The latest prognosticator to catch a case of the bears with Invitae is Cowen's (NASDAQ: COWN) Dan Brennan. He downshifted his recommendation from the former outperform (read: buy) to market perform (hold). Along the way, he took a buzz saw to his price target, substantially reducing it from $8 per share to $2.50.
It's not Invitae's operations Brennan is concerned with. Rather, it's what is happening on the loss-making biotech company's balance sheet.
Source Fool.com
